Cable and Wireless' HQ in London. The share price has more than halved during the past year. Photograph: Graeme Robertson/Getty Images

Shareholders have rounded on Cable & Wireless Worldwide, with nearly 40% of votes withheld or cast against its executive incentive plan as disquiet grew over a company that has issued three profits warnings in a year.

In a further poll at CWW's annual meeting, just under 27% abstained or voted against the remuneration report, which noted that the chairman and chief executive collected £780,000 each in salary and benefits in the last financial year, during a period in which the company's share price more than halved.

Trouble at CWW culminated in the resignation this year of chief executive Jim Marsh. His departure was preceded by that of finance director Tim Weller. In an upbeat trading statement in February, the board had rejected Weller's advice to lower profit guidance; two weeks later it shocked the market with a profit warning.

Chairman John Pluthero replaced Marsh immediately after his resignation in June. Pluthero was chief executive of Cable & Wireless before it split into two separately listed companies in January last year. He has been replaced as chairman by John Barton, previously the board's senior independent director.

Barton said he was "not thrilled" by the rebellion against the company's new incentive plan. At the meeting in London, he told shareholders: "It has been a difficult year for you our shareholders and I would like to apologise for that. Since floating the company our share price has halved, our CFO and CEO have resigned, our reputation in the City has been damaged and we have become the whipping boy of the financial press."

Pluthero, who received a salary rise to £675,000 following his change of role, and could collect up to £2m from the incentive plan if the share price rebounds, conceded that "we could have done better".

When shareholders criticised the board for not looking for a chief executive from outside the company, Pluthero revealed: "It was an unwritten part of the demerger plan that should anything go wrong I would step in as chief executive."

Cable & Wireless introduced a £220m private equity style incentive plan in 2006, which saw Pluthero collect £10m after a big redundancy programme led to significant earnings growth. The group was split into two: CWW, which holds the UK business and some international networks, and Cable & Wireless Communications, primarily focused on the Caribbean.

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